AR SB390

Requires state agency cash funds, local government funds (cities, counties, school districts, community colleges), trust funds, and Public School Fund distributions to be deposited into the State Treasury Money Management Trust for investment purposes.

Mandates that Public School Fund distributions be transferred by electronic funds transfer and segregated for each individual public school district starting with the requirement to submit quarterly reports beginning January 1, 2020.

Establishes that the State Board of Finance shall set reasonable charges and fees for managing the State Treasury Money Management Trust, with all collected charges and fees deposited into the Long Term Reserve Fund.

Amends the Long Term Reserve Fund to consist of charges and fees collected under the Money Management Trust provisions and designates interest earned on the Long Term Reserve Fund as special revenue.

Redirects surplus local sales and use tax funds from certificates of deposit issued by financial institutions to investment in the State Treasury Money Management Trust across multiple county and municipal tax categories.